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How to create a budget

  • Updated

A budget lets you pre-approve a spending limit for a team, project, or department; see Account balance vs. budget limit for how funds work in Weel.

Before you start

  • Admin access to your Weel account
  • Sufficient account balance to cover the budget limit you plan to set
  • The team members you want to add already set up in Weel

Steps

  1. Open the Budgets page from the left-hand navigation menu in the Weel web app.
  2. Click Create New Budget.
  3. Enter a Budget name. Use a name that clearly identifies the team, project, or purpose, for example Marketing Q2 or Travel Expenses.
  4. Select how often you'd like your budget limit to top up:
    • Every day
    • Every week - tops up on Monday, Sydney time. This applies to every Weel business on this cadence, including New Zealand businesses.
    • Every fortnight
    • Every month - tops up on the 1st of the month
    • Every quarter
    • Every year
    • Every financial year (April) - for businesses on an April-March financial year
    • Every financial year (July) - for businesses on a July-June financial year
    • One-time only - tops up once, when you create the budget. Good for one-off budgets like projects, events, and campaigns.
  5. Enter how much you want your budget limit to top up to. For a recurring budget, this is the amount it resets to each time it rolls into a new period.
  6. Select the staff you'd like to have access to this budget.
  7. Select the staff you'd like to be Budget Owners of this budget. Budget Owners can approve or decline requests to increase the budget or a cardholder's card limit, resolved through Weel's Approval Rules. Anyone with permission to view this budget's transactions, which Budget Owners typically have, can see every transaction within it.
  8. (Optional) Turn on Set individual card limits to give each cardholder their own spending limit. Individual card limits must add up to exactly the total budget limit; leave this off to let all cardholders draw from the shared budget limit.
  9. (Optional) Turn on Roll over unused funds to the next period. Unused funds carry into the next period while the budget's own top-up amount stays the same, so leftover funds are easy to track separately.
  10. (Optional) Set Advanced Controls:
    • Limit Categories - off, every category mapped under Chart of Accounts is available; on, you choose which categories can be selected when payments are made from this budget.
    • Limit Custom Fields - off, every custom field in Weel is available; on, you choose which custom fields can be selected when payments are made from this budget.
  11. Click Create.

What happens next

Your budget appears on the Budgets page immediately, and cardholders get instant access to their limit through their Weel virtual card. From there, you can monitor spending in real time, edit the limit, add or remove cardholders, do a one-off top-up, or archive the budget when you're done with it.

Note: cardholders can only spend from the budget while your account balance covers it. Top up your account balance if it runs low.

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